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Main Trend
Current Trend
The trend was DOWN the entire day.
Today I only looked for short trades.
News events to watch for today :
- 6:00am EST– UK CBI Distributive Trades
- 8:30am EST– US Initial Claims
Today’s Surf
1:15am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD was positive and losing value. This was a valid entry. The entry was at the close of the candle at 1.6367 with a stop at the most recent high at 1.6379. Since I was 17 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.
Entry: Short at 1.6367 Stop: 1.6379 Target: 1.6350
2:30am EST– Unfortunately I was stopped out of my trade. (-12 pips)
4:45am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down and MACD went from positive to negative. This was a valid entry. The entry was at the close of the candle at 1.6377 with a stop at the most recent high at 1.6396. Since I was 27 pips away from the nearest 00 or 50 level I decided to put my initial target at 1.6350.
Entry: Short at 1.6377 Stop: 1.6396 Target: 1.6350
5:15am EST– My target was hit. Price did not make a clean break so I exited my trade. I closed out at 1.6352. (+25 pips)
6:30am EST– There was a moving average crossover for a short trade. RSI was less than 50, stochastics were trending down but MACD was already negative from the previous candle. This cancelled out the signal and I did not enter.
8:00am EST– There was a signal here but because it was right before the 8:30am EST news I did not enter.
Trade Result: -12 +25= +13 pips R-Multiple: -1.00; 1.31
News events to watch for Friday:
- 4:30am EST– UK GDP
- 8:30am EST– US Core PCE Price Index; GDP
- 9:55am EST– US Univ of Mich. Sentiment
- 10:00am EST– US Bernanke Speaks
For a complete list of news events check out our Forex Economic Calendar.
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